The correct answer is D. All of the above.
An insurance agent is a person who represents an insurance company and sells its policies to individuals and businesses. Insurance agents are governed by the Contract Act, the Insurance Act, and the Insurance Regulatory and Development Authority (IRDA).
The Contract Act is a law that governs all contracts in India. It includes provisions on the formation of contracts, the rights and obligations of the parties to a contract, and the remedies for breach of contract.
The Insurance Act is a law that governs the insurance industry in India. It includes provisions on the licensing of insurance companies, the regulation of insurance products, and the conduct of insurance business.
The IRDA is a statutory body that was established in 1999 to regulate the insurance industry in India. It has the power to issue regulations, conduct inspections, and impose penalties on insurance companies and intermediaries.
Insurance agents must comply with all of the laws and regulations that govern their profession. Failure to do so may result in disciplinary action, including suspension or cancellation of their license.
Here is a brief explanation of each option:
- Option A: The Contract Act is a law that governs all contracts in India. It includes provisions on the formation of contracts, the rights and obligations of the parties to a contract, and the remedies for breach of contract. Insurance agents are required to comply with the provisions of the Contract Act when they enter into contracts with their clients.
- Option B: The Insurance Act is a law that governs the insurance industry in India. It includes provisions on the licensing of insurance companies, the regulation of insurance products, and the conduct of insurance business. Insurance agents are required to comply with the provisions of the Insurance Act when they sell insurance policies to their clients.
- Option C: The IRDA is a statutory body that was established in 1999 to regulate the insurance industry in India. It has the power to issue regulations, conduct inspections, and impose penalties on insurance companies and intermediaries. Insurance agents are required to comply with the regulations issued by the IRDA.